The delta between price and value
Any damn fool can put on a deal, but it takes genius, faith, and perseverance to create a brand.” ~ David Ogilvy
What is a Brand? Ask 20 people and you’re likely to receive 30 answers.
A brand is the perceived value a consumer places on a product or service based on their combined experiences, expectations and stories of that company.
The equity a brand has is based on how much more value a customer receives compared to the price they pay. If the price they pay is close to the value, then the brand has little equity.
Like widening the moat around our competition, we can increase the delta between price and value with these three-step process.
- Instill confidence
- Show competence
- Be consistent.